ADNEO LIMITED — AGM Information 2016

Nov 30, 2016

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2016 AGM Chairman’s Address to Shareholders

Ladies and gentlemen, it has been less than 6 months since the float of Apply Direct. Your Board is very pleased with our progress, but of course, much much more needs to be done to realise the potential of your company. I will provide you with a quick recap of what has been achieved thus far. I will then invite our CEO to provide further details and set out his plan for the future.

Here are the key achievements since we floated on 23 June:

• The IPO was a pleasing success, having been significantly oversubscribed. The shares, offered at 20c, opened at 27c and have remained above that mark ever since. Given the company was not and is not yet profitable, I believe this is a strong indication of the market's view of our potential. But of course and as set out in the prospectus, in order to bring our vision to life, we needed to recruit a first class senior management team to join our founder and executive director, Bryan Petereit.

• On 4 July, 2016 we announced the appointment of our new Chief Executive, Lorcan Barden. Lorcan commenced work with us on 12 September. You will have seen Lorcan's CV in the announcement of his appointment. Suffice to say, in securing an executive of Lorcan's skills and experience, we were well and truly "punching above our weight".

• On 7 October, we announced the appointment of Fiona Nash as marketing director. I worked for 7 years with Fiona at McMillan Shakespeare where she was Group Executive Marketing and a big contributor to the development and execution of McMillan's marketing strategy that drove that company's impressive compounding growth rates. Telling the world about our business is a key part of our strategy and why we raised capital through the IPO. Fiona is just the right person to ensure our marketing funds are wisely and effectively spent.

• On 12 October we announced the appointment of Kevin Maher as our Sales Director. As with Lorcan and Fiona, we have secured an executive with a proven track record in more mature companies and with an understanding of how revenue growth is achieved. Kevin joins us from a successful role within the recruitment industry and therefore intimately understands the sector and will hit the ground running in the all-important task of winning customers and revenue.

• The Board signed off the new CEOs strategy, with a particular focus on achieving revenue growth as quickly as possible. I will leave it to Lorcan to take you through our plan.

www.applydirect.com.au PO Box 404 Kew VIC 3101 Phone : 1300 554 842

• In the first important milestone in the execution of the strategy, on 10 November we announced the strategic alliance with Mercury. Again, I will leave it to Lorcan to take you through the details and the opportunity for both parties. I would simply say that this is a wonderful opportunity for us, in a short space of time, to gain revenue, scale and relevance in one of the most important verticals in the employment world, health. For Lorcan and his team to achieve this so quickly is testament not only to their skills and sense of urgency, but also of AD1’s compelling proposition to customers and channel partners.

So ladies and gentlemen, l hope you agree we have made a good start. The strategy and key people are in place and a very significant strategic alliance has been signed. It is now up to us to build on this platform and rapidly grow our customers and revenue. That is the task over the next 12 months, we are up for it, and l very much look forward to standing before you this time next year and reviewing what l hope will be a very successful year for your company.

www.applydirect.com.au PO Box 404 Kew VIC 3101 Phone : 1300 554 842